L & S Advisors Inc Lowers Stake in Parker-Hannifin Co. (NYSE:PH)

L & S Advisors Inc cut its position in shares of Parker-Hannifin Co. (NYSE:PH) by 20.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,346 shares of the industrial products company’s stock after selling 2,208 shares during the period. L & S Advisors Inc’s holdings in Parker-Hannifin were worth $4,222,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. TD Asset Management Inc lifted its position in Parker-Hannifin by 152.1% during the 1st quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock worth $73,493,000 after acquiring an additional 79,774 shares during the period. Daiwa Securities Group Inc. lifted its position in shares of Parker-Hannifin by 8.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock valued at $12,761,000 after buying an additional 1,802 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $4,068,000. Concurrent Investment Advisors LLC lifted its holdings in Parker-Hannifin by 261.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock valued at $1,397,000 after purchasing an additional 1,819 shares in the last quarter. Finally, Lockheed Martin Investment Management Co. boosted its stake in Parker-Hannifin by 18.1% during the 4th quarter. Lockheed Martin Investment Management Co. now owns 56,070 shares of the industrial products company’s stock worth $25,831,000 after purchasing an additional 8,600 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Trading Up 1.0 %

NYSE:PH opened at $597.09 on Tuesday. The stock has a 50-day simple moving average of $563.90 and a 200-day simple moving average of $545.56. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $601.30. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. The stock has a market cap of $76.75 billion, a P/E ratio of 28.14, a P/E/G ratio of 2.39 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, topping the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The firm had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same period last year, the company earned $6.08 earnings per share. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. As a group, analysts anticipate that Parker-Hannifin Co. will post 26.63 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend was Wednesday, August 28th. Parker-Hannifin’s payout ratio is currently 30.73%.

Insiders Place Their Bets

In related news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the transaction, the director now directly owns 3,900 shares in the company, valued at $2,299,947. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the transaction, the director now owns 3,900 shares in the company, valued at approximately $2,299,947. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the sale, the vice president now owns 3,350 shares in the company, valued at approximately $1,986,282. The disclosure for this sale can be found here. 1.03% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Robert W. Baird raised their target price on Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Evercore ISI upped their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research report on Monday, August 19th. Barclays decreased their price objective on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. TD Cowen upped their price target on Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a research note on Wednesday, September 11th. Finally, Truist Financial restated a “buy” rating and set a $673.00 target price (up from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $624.43.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.